Saudi Arabia ranks third on GDP per capita index

JEDDAH — Saudi Arabia ranked third among G20 countries in terms of gross domestic product (GDP) per capita based on purchasing power parity, just after the United Kingdom and the United States. Saudi Arabia’s GDP per capita amounted to roughly $53,600 in 2015, up by 2.4 percent from 2014, according to an International Monetary Fund (IMF) report. The IMF expects Saudi Arabia’s GDP per capita based on purchasing power parity to expand by 1.4 percent in 2016 to reach $54,300 at current dollar value. Furthermore, Saudi Arabia’s GDP based on purchasing power parity surged to an all-time high in 2015 to $1.68 billion, up by 4.4 percent compared with 2014. It’s projected to grow by 3.4 percent in 2016 to reach a total of $1.73 billion.  Growth will continue its upward trend in the next five years where GDP per capita based on purchasing power parity is forecast to hit $61,300 in 2016 at current dollar value. — SG